VOA标准英语2012--Understanding the Scope of the US Debt Ceiling
时间:2019-01-14 作者:英语课 分类:VOA标准英语2012年(十二月)
Understanding the Scope of the US Debt Ceiling
It's not some architectural feature unique to Washington. The debt ceiling is a borrowing limit - passed by Congress in 1917 to fund the war effort. Back then, the ceiling was slightly more than $11 billion.
Economist 1 Richard Rahn, a senior fellow at the CATO Institute, said the idea was to enforce discipline on government spending.
"It's really redundant 2 when you have a budget, but ironically it has turned out to be somewhat useful because it forces the debate occasionally about how much we're spending and how we're spending," he said.
Until recently, Congress routinely approved higher limits. But that changed in 2011 when a Republican-led Congress stalled on extending the ceiling, resulting in the first ratings downgrade of U.S. debt.
Today the ceiling is $16.4 trillion - a limit the U.S. is likely to exceed by February.
"I think it's beyond the human mind to be able to grasp numbers that big," said Rahn.
Just how big is the U.S. debt? It's easier to visualize 3 if we start with a hundred dollars. A hundred of these makes ten thousand.
If we multiply that ten thousand by one hundred - now you have a million dollars. Enough to fit in a shopping bag. A hundred million - looks more impressive - shown here on top of a shipping 4 pallet. Make that 10 pallets - and you have a billion.
But now it gets interesting.
Multiply these 10 pallets - one thousand times and you have a trillion - one, followed by 12 zeroes. Enough money to cover an entire soccer field - two pallets high.
So to imagine the size of the U.S. debt - multiply that double-stacked football field 16 times.
"We owe money to everybody. Of course foreigners have about 40 percent of our federal debt, not Americans. The biggest single holder 5 are the Chinese," said Rahn.
Japan also owns a sizeable amount, as does Europe, along with private investors 6 around the world.
Many conservative politicians want to cut the debt sharply, and some say the debt limit should not be raised without more spending cuts.
The Congressional Budget Office said the so-called fiscal 7 cliff - automatic tax increases on January 1, along with spending cuts mandated 8 by Congress to force negotiations 9 on the debt ceiling - would cut next year's deficit 10 in half.
But doing so all at once poses serious risks, said fiscal responsibility advocate, Robert Bixby.
"They’ve been pretty clear, the non-partisan Congressional Budget Office, that if we go over the fiscal cliff, their projection 11 is that it would cause a recession and I’ve seen private sector 12 forecasts that are even more adamant," said Bixby.
Some in Congress would like to see a higher debt ceiling as part of negotiations. For now, many economists 13 say avoiding the shock that could come from higher taxes and government cutbacks is far more critical to the world's largest economy. Experts say any missteps could have big ramifications 14 domestically and abroad, just when the global recovery appears to be losing momentum 15.
- He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
- He's an economist who thinks he knows all the answers.他是个经济学家,自以为什么都懂。
- There are too many redundant words in this book.这本书里多余的词太多。
- Nearly all the redundant worker have been absorbed into other departments.几乎所有冗员,都已调往其他部门任职。
- I remember meeting the man before but I can't visualize him.我记得以前见过那个人,但他的样子我想不起来了。
- She couldn't visualize flying through space.她无法想像在太空中飞行的景象。
- We struck a bargain with an American shipping firm.我们和一家美国船运公司谈成了一笔生意。
- There's a shipping charge of £5 added to the price.价格之外另加五英镑运输费。
- The holder of the office of chairman is reponsible for arranging meetings.担任主席职位的人负责安排会议。
- That runner is the holder of the world record for the hundred-yard dash.那位运动员是一百码赛跑世界纪录的保持者。
- a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
- a cash bonanza for investors 投资者的赚钱机会
- The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
- The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。
- Mandated desegregation of public schools. 命令解除公立学校中的种族隔离
- Britain was mandated to govern the former colony of German East Africa. 英国受权代管德国在东非的前殖民地。
- negotiations for a durable peace 为持久和平而进行的谈判
- Negotiations have failed to establish any middle ground. 谈判未能达成任何妥协。
- The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
- We have a great deficit this year.我们今年有很大亏损。
- Projection takes place with a minimum of awareness or conscious control.投射在最少的知觉或意识控制下发生。
- The projection of increases in number of house-holds is correct.对户数增加的推算是正确的。
- The export sector will aid the economic recovery. 出口产业将促进经济复苏。
- The enemy have attacked the British sector.敌人已进攻英国防区。
- The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
- Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》
- These changes are bound to have widespread social ramifications. 这些变化注定会造成许多难以预料的社会后果。
- What are the ramifications of our decision to join the union? 我们决定加入工会会引起哪些后果呢? 来自《简明英汉词典》